Intel

Intel fell 1.7% to 46.76 in Thursday’s stock market trading, dropping below a 47.40 buy point cleared on Wednesday. Volume was 44% above normal, slightly more than on Wednesday’s breakout. However, Intel’s action, by itself, is not that concerning or surprising.

While you never want to see a stock fall below its entry point, Intel had surged 9.9% over four days in heavy volume from near the bottom of a cup-like base. Breakouts from cup bases without handles are less likely to succeed, because after a big run up, a pullback is natural as weak holders exit. The Dow technology giant could retake that buy point, ideally in robust trade.

Meanwhile, chip groups were among Thursday’s losers with chip equipment down 2%. Few chip-equipment makers are trading above their 50-day lines, with ASML (ASML), Applied Materials (AMAT) among those finding resistance there recently. Among chipmakers, Micron Technology (MU) is still above that support area, but fell 2.9% Thursday. That erased more than half of Micron’s 4% pop Wednesday following the memory giant’s strong earnings and guidance.

Facebook

Facebook nudged down 0.25% to 177.45 on Thursday, barely undercutting its 50-day line. Since breaking out past a 175.59 buy point in late October, Facebook has made little progress, briefly dropping out of buy range a few weeks ago. Facebook’s Relative Strength line has been nudging lower since the start of November, reflecting the FANG stock’s underperformance in recent weeks.

Facebook rival Snap (SNAP) sank 0.8% to 15.37 on Thursday. But that completed a handle in its first-ever proper consolidation. That lowers the potential entry slightly to 16.55 from 16.98. Keep in mind that Snap’s new base is well below its highs, so the stock could face upside resistance. Also, the Snapchat operator is struggling with user growth and finding a profit to profitability in the face of intense Facebook competition.

Energy Stocks

Energy stocks and groups were market leaders for a second straight session. Oil prices are at two-year highs while Trump tax cuts should especially benefit the oil and gas industry.

Chevron rose 3.25% to 124.82 on Thursday, retaking a 120.99 entry with volume that was nearly double normal. Concho Resources (CXO) also broke out on strong volume, while EOG Resources (EOG), BP (BP) and Royal Dutch Shell (RDSA) among the oil stocks breaking out on less impressive trading. But those moves still added to the general optimism surrounding sector.

Diamondback Energy (FANG) surged 5%, becoming extended after leading the way with a high-volume breakout Wednesday.